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Program Assessment


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Regulation of Securities Trading and Market Participants

The SEC's Division of Trading and Markets establishes and maintains standards for fair, orderly, and efficient markets. The Division regulates the major securities market participants, including broker-dealers, self-regulatory organizations (such as stock exchanges, NASD, and clearing agencies), and transfer agents.


What This Rating Means


This is the highest rating a program can achieve. Programs rated Effective set ambitious goals, achieve results, are well-managed and improve efficiency.
  • The overall average daily share volume of the markets and the number of American households investing in the securities markets are increasing steadily in the long-run. This shows that this program is meeting its objectives and bears some indication that the cost of compliance with this program's regulations has not negatively affected participation in the markets.
  • The program has developed new annual and long-term performance measures, monthly performance reporting, an activity-based budget, financial, and strategic planning system, correspondence tracking systems, pay-for-performance systems for managers and staff, and periodic staffing evaluations. These management changes have increased the efficiency and effectiveness of this program's operations.
  • It is not clear that this program analyzes the impact of its regulatory activity with a high degree of consistent rigor and thoroughness, including the monetization of costs and benefits and the consideration of regulatory alternatives. Without this analysis, it cannot be judged that the regulations promulgated by this program maximize net benefits to investors.

Improvement Plan

About Improvement Plans

We are taking the following actions to improve the performance of the program:

  • Including more and better monetized estimates of regulatory costs and benefits in the rulemaking process and proposed and final rule notifications.
  • Incorporating a formal alternative analysis component in the rulemaking process and proposed and final rule notifications.
  • Modifying the proposed and final rule template to include an explicit and clearly written explanation of the need for regulations promulgated by the SEC.

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